Cost Of Consumer Goods Of Ukrainians Up 23.8% In August - NBU

In August 2022, the value of the consumer set of Ukrainians increased by 23.8% compared to August 2021.

This is stated in the message of the NBU, Ukrainian News Agency reports.

Compared to July this year, prices increased by 1.1%.

The dynamics of inflation remains lower than the NBU's July forecast, primarily due to a faster decrease in the cost of fuel.

The main reason for the increase in inflation is the consequences of a full-scale war: disruption of supply chains, destruction of production, increased business costs, reduced supply of goods and services.

Prices were affected by the adjustment of the official hryvnia exchange rate in July, which, however, was necessary to preserve the stability of Ukraine's economy.

In addition, in the context of high inflation, business and public expectations deteriorate, which ultimately puts additional pressure on prices.

Instead, the fixation of gas and heat tariffs and the saturation of the domestic market with fuel restrained price growth.

Prices for most food products continued to rise.

In annual terms, the prices of cereals and vegetables increased the most.

The prices of non-food goods (electronics, medicines and personal care products, etc.) and services (medicine, beauty salons, restaurants, etc.) rose somewhat more slowly, but also at a significant pace.

Fuel prices in August stabilized at lower levels compared to previous months thanks to lower oil prices (in annual terms).

However, the annual increase in fuel prices at gas stations remains significant.

At the same time, prices for clothes and shoes, as well as tariffs for housing and communal services, did not change much over the course of the year.

The NBU reports that the dynamics of inflation remains under control.

At the same time, given the deterioration of expectations and the persistence of inflationary risks, the NBU leaves the discount rate at a high level.

In addition, instruments are currently being developed that will contribute to the growth of rates on hryvnia deposits and government bonds.

This will make it possible to continue to ensure the controllability of inflationary processes.

As Ukrainian News Agency earlier reported, in August 2022, consumer prices rose by 1.1%.

In January-August 2022, inflation was 19.5%.